Oakworth Capital Inc. Decreases Stake in Alphabet Inc. (NASDAQ:GOOG)

Oakworth Capital Inc. reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 5.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 178,077 shares of the information services provider’s stock after selling 10,399 shares during the period. Alphabet makes up about 2.1% of Oakworth Capital Inc.’s holdings, making the stock its 16th biggest holding. Oakworth Capital Inc.’s holdings in Alphabet were worth $29,773,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOG. Abich Financial Wealth Management LLC boosted its position in Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after buying an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Alphabet in the 2nd quarter valued at about $37,000. HWG Holdings LP acquired a new stake in shares of Alphabet in the 2nd quarter valued at about $40,000. Slocum Gordon & Co LLP acquired a new stake in shares of Alphabet in the 2nd quarter valued at about $44,000. Finally, Hoese & Co LLP raised its stake in shares of Alphabet by 62.5% in the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after purchasing an additional 100 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $166.82 on Wednesday. The firm’s 50 day moving average is $163.23 and its two-hundred day moving average is $169.96. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The firm has a market capitalization of $2.06 trillion, a P/E ratio of 25.59, a PEG ratio of 1.21 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. During the same quarter last year, the business earned $1.44 earnings per share. Alphabet’s revenue was up 13.6% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post 7.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of recent analyst reports. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Pivotal Research initiated coverage on shares of Alphabet in a research note on Tuesday, October 1st. They issued a “buy” rating and a $215.00 target price on the stock. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Oppenheimer dropped their price objective on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $186.90.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 220,426 shares of company stock worth $35,993,340. 12.99% of the stock is owned by company insiders.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.